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Session 16

eZ-Audit – Electronic
Submission of Financial
Statements and Compliance
Audits

Session 16 2
What is eZ-Audit?

A new, web-based, single point of submission


for financial statements and compliance audits

A designee from each school will simply sign on to eZ-


Audit, enter summary audit and financial data into a
web form, attach an electronic version of the report, and
hit the submit button.

Session 16 3
Why eZ-Audit?
■ Did you know that FSA receives over 13,000
financial statements and compliance audits
annually (that’s over 1 million individual pieces of
paper)?
■ Have you ever been told that your financial
statement and/or compliance audit has been
lost?
■ Have you ever just wanted to know the status of
your reports?
- eZ-Audit will finally create an easy to use, efficient process for submission! -

Session 16 4
How does eZ-Audit
work?
5 basics steps to eZ-Audit:
2. Schools submit their compliance audit data and summary
financial data, via an internet web-form.
3. Schools also attach an electronic copy of their financial
statement and compliance audit in a non-editable pdf
format (using Adobe Acrobat).
4. The eZ-Audit system automatically forwards flagged
financials and deficient audits to FSA’s Case Management
Teams for resolution.
5. Case Teams communicate with schools to reach
resolution.
6. As desired, Schools periodically check eZ-Audit for the
status of their reports.
Session 16 5
What are the benefits
to eZ-Audit?
■ Web forms will contain pre-populated fields.
■ No new reporting requirements, data entry will be limited to the same
data already contained in the reports.
■ On-line form completion should take less than 1 hour.
■ System will provide automatic error checking prior to submission.
■ Instant acknowledgement of receipt – no more lost reports!
■ No copying and mailing costs!
■ Ability to remediate findings prior to next year’s submission, thus
reducing the possibility of repeat findings.
■ Status of submissions accessible online 24/7.
■ Help Desk available to provide assistance.

Session 16 6
What is the timeline for
eZ-Audit?
2002 2003
1Q 2Q 3Q 4Q 1Q
J F M A M J J A S O N D J F M

Kickoff 1/16
Requirements Definition
Requirements 3/20
Reqts Baselined 4/16
Application Design
Preliminary Design 5/15
Functional Design 7/15
Tech Arch Design & HTML Prototype 8/19
Master Test Plan 9/30

Application Development
Build 9/4 – 12/20
Test 1/1 – 2/28

Application Delivery 4/1/03


 - Indicates on schedule task completion

Session 16 7
What does eZ-Audit
look like?

eZ-Audit Prototype Demonstration…

Session 16 8
What will ez-Audit Self
Service look like?
■ Submission Status
■ Annual submission due date
■ Annual submission receipt date
■ Overdue notice

■ FSA Review Status


■ Financial Statement Review
■ Compliance Audit Review
■ Annual Submission Completeness / Incompleteness

■ Other Messages, to include


■ Final Audit Determination was sent on mm/dd/yyyy
■ A Request for a Letter of Credit has been sent to your institution. The letter of Credit is due
by mm/dd/yyyy
■ Your Letter of Credit was received on mm/dd/yyyy
■ Your (Merger/Change in Ownership, Reinstatement Submission, Initial Submission, Waiver
Request, Stub Audit Submission, Change in Fiscal Year End Date, Closeout Audit) was
received on mm/dd/yyyy

Session 16 9
What should you do
next?
■ Begin thinking about who you would like to be your eZ-Audit Institution Administrator

■ Begin discussions with your auditor


■ Discuss the possibility of your auditor completing the data entry in eZ-Audit.
■ Discuss the possibility of your auditor providing you with your audit electronically,
in non-editable pdf format.

■ Stay posted to IFAP for registration information


■ For security purposes, you will be asked to mail in registration information on
your school’s letterhead. The information requested will include:
 Name and email address of your eZ-Audit Institution Administrator
 OPE ID
 Phone and Fax Number
 Fiscal Year End Date

■ Visit eZ-Audit in the PC Lab and review the FAQ document distributed today

Session 1610
Questions/Comments

We appreciate your feedback and comments.


If we did not address all of your questions in
this session, please visit us in the lab or
contact Ti Baker at:

Phone: Ti Baker at 202-377-3156


Email: fsaezaudit@ed.gov

Session 1611

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